The Angolan President’s office announced that the World Bank would lend the country a sum of $1 billion to fund social security and water projects.
Angola, which is Africa’s second largest oil producer, has been pushed into an economic crisis by the fall in oil prices since mid 2014.
The $1 billion loan will be received alongside a $500 million loan that had been agreed earlier. The country’s treasury will now receive $1.5 billion from the World Bank over the next three years.
During a briefing with the President of Angola, Joao Lourenco, at which the loan was announced, the Vice President of the World Bank, Hafez Ghanem, said “we want to support the reform process that happens”.
The World Bank’s support for Angola focuses mainly on water, agriculture, local development, social protection, solar energy and transport.